403-327-3101 info@woodmanwhite.ca
Collecting rental income?

Collecting rental income?

Are you renting out a room in your house? Are you renting out your basement? Are you renting out a condo unit or home you own? You must report this income on your tax return, but can also deduct related expenses. Follow this link for more information.

Did you sell your home in 2018?

Did you sell your home in 2018?

Did you know that if you sell your Principal Residence, you are required to report it on your personal tax return? If the property was solely your principal residence for every year you owned it, you do not have to pay tax on the gain. But if at any time during the period you owned the property, it was not your principal residence, or solely your principal residence, you may be required to pay tax on the sale. Follow this link for more information.

How long do you need to keep your receipts?

How long do you need to keep your receipts?

Are you claiming items like Employment Expenses, Office in the Home Expenses, or Medical Expenses on your tax return? Make sure you keep supporting receipts for those expenses for at least six years from the end of the tax year in which the expenses relate. Even if you do not have to attach certain supporting documents to your return, or if you are filing your return electronically, keep them in case the CRA selects your return for review. Follow this link for a list from the CRA of eight things to remember at tax time.

2018 Personal Income Tax Filing Deadline

2018 Personal Income Tax Filing Deadline

Most Canadian 2018 Personal Income Tax and Benefit Returns are due on Tuesday April 30, 2019. There is an exception for individuals who are self-employed, or who have a spouse or common-law partner who is self-employed. If this is the case, the deadline to file your tax return is June 15, 2019; however if you have a balance owing, you must pay it by April 30, 2019.

We are happy to assist you in filing your 2018 return once you gather all slips, receipts and documents to support your income and any credits, deductions and expenses you’ll claim. 

Please stop by the office or give us a call at 403-327-3101 if you would like to discuss your Personal Income Tax Return!

February 28, 2019

February 28, 2019 is the due date for various Canada Revenue Agency (CRA) business filing and payment deadlines. The details of these deadlines are as follows:

  • T4’s T4A’s, T5’s & T5018’s must be issued by this date for the 2018 calendar year
  • Goods and Services Tax (GST) filers filing and payment deadline for the following reporting periods
    • Quarterly filers with a January, April, July or October year-end
    • Monthly filers, or
    • Annual filers with a November year-end
  • Corporation income tax balance owing for August year-ends if the corporation is a CCPC*
  • Corporation income tax filing deadline for May tax year-ends

Please note that when the due date falls on a Saturday, Sunday, or a public holiday recognized by the CRA, payment is considered on time if it is received on the next business day. Also note that if you do not file on time, the CRA may charge a penalty, and if you have an overdue amount, the CRA will charge you interest.

Are you on top of your filing and payments? Do you need assistance with filing or paying one of the items listed above? We understand that these dates can get confusing; we are here to help make sure that you don’t miss another deadline!

* Canadian Controlled Private Corporation

T4 Deadline

T4 Deadline

Are you an employee who has not received your T4 slip or you have questions about amounts? You may soon have to contact your employer. Every employer is required by law to complete T4 statement of remuneration paid slips and summaries for the prior year by Thursday, February 28, 2019.

If you are an employer and you paid your employees employment income, commissions, taxable allowances and benefits, fishing income, or any other remuneration, generally you need to fill out a T4 slip. For more information, go to What to report and what not to report on T4 slips.

In addition to T4’s, T4A’s and T5’s are also required to be issued by Thursday, February 28, 2019.

2018 Holiday Office Hours

2018 Holiday Office Hours

Our 2018 Holiday Office Hours are as follows:

Monday, December 24th – Open 8:30 am to 12:00 pm

Tuesday, December 25th – CLOSED

Wednesday, December 26th – CLOSED

Monday, December 31st – Open 8:30 am to 12:00 pm

Tuesday, January 1st – CLOSED

Please note that we are open regular hours from 8:30 am – 4:30 pm unless otherwise noted.

Adopt-a-Family Program 2018

Adopt-a-Family Program 2018

Our team has adopted a local family in need through the Interfaith Food Bank Society of Lethbridge. This is something that we have done for the past few years; it is great to give back to the community, especially during the holiday season.

November 30, 2018 Deadlines

November 30, 2018 Deadlines

November 30, 2018 is the due date for various Canada Revenue Agency (CRA) business filing and payment deadlines. The details of these deadlines are as follows:

  • Goods and Services Tax (GST) filers filing and payment deadline for the following reporting periods
    • Quarterly filers with a January, April, July, or October year-end
    • Monthly filers, or
    • Annual filers with an August year-end
  • Corporation income tax balance owing for August year-ends if the corporation is a CCPC*
  • Corporation income tax filing deadline for May tax year-ends

Please note that when the due date falls on a Saturday, Sunday, or a public holiday recognized by the CRA, payment is considered on time if it is received on the next business day. Also note that if you do not file on time, the CRA may charge a penalty, and if you have an overdue amount, the CRA will charge you interest.

Are you on top of your filing and payments? Do you need assistance with filing or paying one of the items listed above? We understand that these dates can get confusing; we are here to help make sure that you don’t miss another deadline!

* Canadian Controlled Private Corporation